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摘要：本文是一篇风险管理留学范文。操作风险被定义为“内部流程、人员和系统的配备操作不足或外部事件不完善所造成的风险损失或失败。在过去的二十年里，金融市场中普遍存在的无能和欺诈已经造成了大规模的金融失败,如巴林银行、大和证券、爱尔兰联合银行、奥兰治县、安然公司，以及其他的人为和自然灾害,如“9·11事变”、“安德鲁和卡特里娜飓风”。因此,操作风险已经被认为比信贷危机和市场风险更为重要。

ary risk taking. Such 'prop trading' was at first an outgrowth of dealers' interme-diation in off-exchange products.

Client demands to buy or sell over time left a dealer with fluctuating asset positions, and the role of risk analy-sis and risk management expanded to help control the potential loss from that changing exposure.

Gradually, dealers learned how to add incremental revenue through (1) actively managing their risk positions (taking ac-count of information from trading); (2) lending and syndication activities; and (3) monitoring and analysis of economic and market developments. As prop trad-ing delivered strong profits, banks steadily expanded the risk on their books, further increasing &-- gic importance of risk management

2.9.1. Evolving Practices

Over the past 15 years, as modern risk management proved it could improve the efficiency of trading books and as managers with trading experience moved into senior executive positions, banks extended formal portfolio risk analysis, to other lines of business, such as corporate and consumer lending and other types of risk (including credit, operational and fee-revenue risk). One key insight that emerged early on from comparative analysis of risk-adjusted returns of bank businesses was that when the cost of the risk associated with loans was correctly evaluated, lending to high-quality corporate borrowers was typically unprofitable.

Lending businesses required substantial equity capital, and, to make a profit in lending, banks needed a yield spread that covered the high risk premium bank shareholders looked to earn. However, it turned out that banks generally could not earn the necessary return lending to investment-grade borrowers at the spreads set by bond investors who owned corporate credit risk (directly and trans-parently).

Of course, investment-grade corpo-rate credit was not the only problematic lending business for the banks. Analysis of risk-adjusted returns indicated that a large part of the direct lending done by banks was marginally profitable or unprofitable. Given the danger that loans could cause large losses to a bank in the event of a severe economic down-turn, market spreads for a range of commercial and consumer loans arguably did not cover costs inclusive of the capital that a prudent-Ix- risk managed bank should use to support lending activities.

It is sometimes thought that banks securitized primarily to reduce regulatory capital requirements or to raise cash funding. While these factors certainly made securitization substantially more attractive, the underlying economics were compelling in any case: factoring in the cost of equity capital, it was a mon-ey-losing proposition for banks to hold commoditized loan assets. Moreover, se-curitization offered lower credit spreads to borrowers and higher risk-adjusted returns to investors.

By 2006-07, credit spreads had nar-rowed to such an extent that the risk-ad-justed return to lending had become par-ticularly unattractive for banks. Spreads are wider now, but so is the required risk premium return on bank equity. On bal-ance, bank profitability and market share in loan markets seem本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。